Arkansas Venture Center
- Assets
- $4.4m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Little Rock, AR
- Founding
- 05/2014
- Data as of
- 12/2021
- EIN
- 46-4108871
Organization Overview
Arkansas Venture Center is located in Little Rock, AR. The organization was established in 2014. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Arkansas Venture Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Arkansas Venture Center generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.1% each year . All expenses for the organization totaled $1.6m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE VENTURE CENTER HELPS STARTUPS OBTAIN CUSTOMER VALIDATION & REACH VIABILITY THROUGH SYSTEMATIC PROGRMMING, PREMIUM MENTORSHIP THAT LEVERAGES BEST PRACTICES IN LEAN METHODOLOGY & STRATEGIC ACCELERATION WITH AN EYE ON REACHING SCALE AND CREATING MEASURABLE ECONOMIC IMPACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAUNCHED FINTECH ACCELERATOR TO ASSIST ENTERPRENEURS IN THE FINTECH COMMUNITY LAUNCH THEIR COMPANIES.
LAUNCHED ICBA ACCELERATOR TO ASSIST ENTERPRENEURS IN THE INDEPENDENT BANKING COMMUNITY TO LAUNCH THEIR COMPANIES.
THE ORGANIZATIONS EDUCATIONAL PROGRAMS HAVE SUBSTANTIALLY CONTRIBUTED TO THE CREATION OF MULTIPLE NEW COMPANIES. THESE PROGRAMS HAVE HELPED PEOPLE PURSUE THEIR DREAM OF OWNING THEIR OWN BUSINESS. IN ADDITION WORKSHOPS AND MIXER EVENTS FUNCTION TO SUPPORT THE NEW BUSINESSES AND LINK QUALIFIED EMPLOYEE CANDIDATES TO PROSPECTIVE EMPLOYERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wayne Miller Executive Director | OfficerTrustee | 40 | $241,750 |
James Hendren Chairman | OfficerTrustee | 0.3 | $0 |
Bill Yoder Secretary | OfficerTrustee | 0.3 | $0 |
Jim Womble Director | Trustee | 0.3 | $0 |
Jay Chesshir Director | Trustee | 0.3 | $0 |
Chris Cline Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $650,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,105,830 |
| Noncash contributions included in lines 1a–1f | $45,874 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,755,830 |
| Total Program Service Revenue | $142,126 |
| Investment income | $32,914 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $64,139 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,111,036 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $944,776 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $26,871 |
| Payroll taxes | $67,401 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $553 |
| Fees for services: Accounting | $52,812 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,000 |
| Fees for services: Other | $7,500 |
| Advertising and promotion | $78,878 |
| Office expenses | $53,381 |
| Information technology | $2,523 |
| Royalties | $0 |
| Occupancy | $100,200 |
| Travel | $45,860 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,511 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,189 |
| Insurance | $10,640 |
| All other expenses | $6,044 |
| Total functional expenses | $1,647,407 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $684,993 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $156,096 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $88,216 |
| Net Land, buildings, and equipment | $47,393 |
| Investments—publicly traded securities | $3,150,858 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $233,880 |
| Total assets | $4,361,436 |
| Accounts payable and accrued expenses | $14,120 |
| Grants payable | $0 |
| Deferred revenue | $208,551 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $118,008 |
| Total liabilities | $340,679 |
| Net assets without donor restrictions | $3,267,324 |
| Net assets with donor restrictions | $753,433 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,361,436 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Arkansas Venture Center has recieved totaling $314,665.
| Awarding Organization | Amount |
|---|---|
Independent Community Bankers Of America Sauk Centre, MN PURPOSE: THIS ORGANIZATION DEVELOPS PRODUCTS AND TECHNOLOGY THAT FURTHER THE MISSION OF ICBA AND ITS SUPPORT OF COMMUNITY BANKS. | $250,000 |
Paypal Charitable Giving Fund Washington, DC PURPOSE: General Support | $64,665 |
Endowment Analysis
| Net Contributions | $525,000 |
| Ending Balance | $525,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Saisd Historic Preservation Corporation San Antonio, TX | $3,795,273 | $2,962,141 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |
Convention & Visitors Bureau Of Greater Kansas City Kansas City, MO | $12,878,337 | $11,432,355 |
Whole Planet Foundation Austin, TX | $10,584,602 | $6,202,281 |
Explore Branson Tourism Branson, MO | $1,396,845 | $7,616,014 |
East Central Planning & Development District Inc<410 Decatur St Newton, MS | $22,970,956 | $8,929,943 |